Home » Business » Mike Baur Offer Some Pointers On Starting A New Business Venture

Mike Baur Offer Some Pointers On Starting A New Business Venture

As an entrepreneur himself, Mike Baur recently offered some tips for others to follow who want to own their own companies. He says the best ideas occur spontaneously, when you need a product or service to get something accomplished and then discovering that it doesn’t exist. He says that discovering gaps in the market is what gets a company going. Filling in that gap becomes the point of the new company.

Mike Baur says the time has never been better to start a new venture. It is cheaper than ever to get feedback on a new business idea, he says, such as setting up test groups using WhatsApp for free. He also points out that it is cheap and easy to get a website up and running and communication is very inexpensive if not free in several ways. He says that twenty years ago it was a lot harder but the boom in technology has made entrepreneurship open to everyone.

He also shared that you need to expect failure in any new venture as everything rarely goes perfectly right. Mike Baur says that the important take away from failure is to figure out what went wrong so you can do better the next time around. He says entrepreneurship is a process and as you keep failing and analyzing eventually things come together and you don’t fail anymore but instead succeed.

Mike Baur’s company is Swiss Startup Factory, a firm he co-founded along with Max Meister. Their company helps people get companies started in Freiburg, Switzerland. Since they established this company three years ago they have helped several people launch new businesses through a combination of mentorship, funding, and providing access to their professional networks. Mike Baur made many professional contacts during his 20+ year career in the banking industry while Max Meister was a business consultant who helped many companies grow their revenues and profits.

Mike Baur says that the startup industry is very competitive. There are other startup incubators in Switzerland and the competition is cutthroat in nature. He says some offer subsidized programs and they often don’t require any equity in the new businesses they are helping to establish. As Swiss Startup Factory is a private company that isn’t subsidized they have to go above and beyond in the services they offer to attract business. Mike Baur says that they even didn’t collect a salary for the first few years in order to develop their company and put everything towards getting it established.

 

Leave a Reply

Your email address will not be published. Required fields are marked *